20290 Vernier Rd · Harper Woods, MI 48225

$60,000

2 bd · 1.5 ba · 850 sqft · Condo · 20 Days on market

Built 1962 $384/mo HOA

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to turnkey, maintenance-free living at an unbelievable price point in this quiet Harper Woods community! This charming, move-in-ready independent living stock cooperative offers approximately 850 square feet of beautifully maintained space, perfectly blending comfort and convenience. The layout features two generously sized bedrooms, a full bathroom, and the rare convenience of two private entrances, including a doorwall that opens directly to a private, fully fenced patio featuring beautiful perennials, providing the perfect outdoor retreat for relaxing. Downstairs, the full private basement offers tremendous storage capacity and includes a convenient half bath. Enjoy the ease of a low-maintenance lifestyle with fantastic amenities, including a covered carport. Please note: This is a 50+ age-restricted community. As a stock cooperative, this property requires cash offers only, and all interested buyers must submit an application to the co-op and receive board approval prior to purchase. Don't miss out on this exceptional value!

Key facts

• Fully fenced patio
• Covered carport
• Private entrances

Tags

• TURNKEY LIVING
• MAINTENANCE FREE LIVING
• PRIVATE ENTRANCES
• FULLY FENCED PATIO
• TREMENDOUS STORAGE CAPACITY
• COVERED CARPORT

Property features AI

Finance

• Other: Road surface: paved; Pets not allowed
• HOA & community: Homeowners association with monthly fee; Monthly association fee: $384; Association covers insurance, structure and grounds maintenance, pest control, sewer, snow removal, trash and water; Community has sidewalks; Association provides grounds maintenance

Exterior

• Parking: No garage; Carport
• Utilities: Public water; Public sewer
• Home design: One-level home; Ground-level entry with steps; Stock cooperative (residential); Brick construction
• Construction: Brick exterior; Unfinished full basement
• Exterior features: Patio; Porch; Fenced yard; Lighting; Private entrance

Interior

• Kitchen: Free-standing gas range; Free-standing refrigerator; Microwave
• Bedrooms: Total rooms: 5; Basement level bedrooms possible (basement unfinished with bath stubbed)
• Bathrooms: 1 full bathroom; 1 half bathroom; Basement has bath stubbed
• Heating & cooling: Central air; Forced air heating; Natural gas heating; Exhaust fan
• Interior features: Ceiling fan(s); Exhaust fan; Humidifier; Private entrance; Lighting
• Laundry & utility: Washer; Dryer; Gas water heater

🏢 Co-op / cooperative unit. The $60,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $60k.

Deal economics

• At list price, monthly cash flow is $348 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.3% vs local median 7.7% in Harper Woods — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#199 in MI) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+, health & safety D+, schools D-.
• Grosse Pointe Public Schools (suburban): math 56% / reading 68% proficiency, ranked #24 of 540 in MI (top 4%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.1%/yr); 134 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $17k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $42k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.

Recommended offer $59,100 (1.5% below list)

Questions for the listing agent

1. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.42% ✓
• Cap rate: 13.26%
• Cash-on-cash: 24.88%
• DSCR: 2.11
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.1% rent growth · sell at horizon

5-year hold

• IRR: 22.1%
• Equity multiple: 1.94×
• Total profit: $15,850
• Equity at exit: $8,946

10-year hold

• IRR: 32.2%
• Equity multiple: 4.38×
• Total profit: $56,830
• Equity at exit: $5,188

Cash invested: $16,800 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48225

• Rents YoY: 5.1%
• Active inventory: 134
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,452 high
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$384
• Vacancy / Maint / Mgmt: −$305
• Net cashflow: $348

Break-even live

Break-even rent $1,011

Max offer price $60,000

Occupancy floor 71%

Sensitivity live

Price	-10% $390	-5% $369	+0% $348	+5% $328	+10% $307
Rent	-10% $234	-5% $291	+0% $348	+5% $406	+10% $463
Rate	-1.0pp $379	-0.5pp $364	base $348	+0.5pp $333	+1.0pp $317

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20600 Balfour St Harper Woods, MI	1.0–2.0	1.0–2.0	971	$1,640	$1.69	0d	14	0.21mi
20015 Lochmoor St Harper Woods, MI	3.0	1.0	1006	$1,500	$1.49	18d	1	0.40mi
2175 Ridgemont Rd Grosse Pointe Woods, MI	2.0	1.0	1100	$1,300	$1.18	45d	1	0.62mi
2037 Vernier Rd Grosse Pointe Woods, MI	2.0	1.0	850	$1,350	$1.59	45d	1	0.69mi
1992 Hawthorne Rd Grosse Pointe Woods, MI	3.0	2.0	1071	$2,100	$1.96	11d	1	0.76mi
21633 Greater Mack Ave St Clair Shores, MI	1.0	1.0	990	$1,212	$1.22	0d	1	1.06mi
22126 Alger St Saint Clair Shores, MI	2.0	1.5	1060	$1,750	$1.65	12d	1	1.20mi
19152 Woodside St Harper Woods, MI	3.0	1.0	916	$1,500	$1.64	18d	1	1.23mi
20625 Elizabeth St Saint Clair Shores, MI	3.0	2.0	1074	$1,895	$1.76	45d	1	1.26mi
19661 Kenosha St Harper Woods, MI	3.0	2.0	1000	$1,400	$1.40	25d	1	1.27mi
22843 Grove St #47 Saint Clair Shores, MI	1.0	1.0	700	$1,100	$1.57	21d	1	1.31mi
22307 Greater Mack Ave St Clair Shores, MI	2.0	1.0	806	$1,195	$1.48	4d	1	1.35mi
19442 Kingsville St Harper Woods, MI	3.0	1.0	1000	$1,500	$1.50	18d	1	1.42mi
16410 Edmore Dr Detroit, MI	3.0	1.0	850	$1,250	$1.47	16d	1	1.43mi
19982 McCormick St Detroit, MI	3.0	1.0	866	$1,200	$1.39	4d	1	1.44mi
23005 Kelly Rd Eastpointe, MI	2.0	1.0	850	$1,250	$1.47	25d	1	1.47mi
16291 Eastburn St Detroit, MI	3.0	1.0	1000	$1,364	$1.36	25d	1	1.47mi
19639 Moross Rd Unit 1 Detroit, MI	2.0	1.0	900	$1,100	$1.22	45d	1	1.48mi

HOA detail condo

• Monthly dues: $384 · $4,608/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-06-08
   statusdays on market $60,000 Pending 20 DOM
2. 2026-06-07
   days on market $60,000 Active Under Contract 19 DOM
3. 2026-06-04
   days on market $60,000 Active Under Contract 16 DOM
4. 2026-06-03
   days on market $60,000 Active Under Contract 15 DOM
5. 2026-06-02
   days on market $60,000 Active Under Contract 14 DOM
6. 2026-06-01
   days on market $60,000 Active Under Contract 13 DOM
7. 2026-05-31
   days on market $60,000 Active Under Contract 12 DOM
8. 2026-05-19
   listed $60,000 Active

   Show marketing remark (1052 chars)

   Welcome to turnkey, maintenance-free living at an unbelievable price point in this quiet Harper Woods community! This charming, move-in-ready independent living stock cooperative offers approximately 850 square feet of beautifully maintained space, perfectly blending comfort and convenience. The layout features two generously sized bedrooms, a full bathroom, and the rare convenience of two private entrances, including a doorwall that opens directly to a private, fully fenced patio featuring beautiful perennials, providing the perfect outdoor retreat for relaxing. Downstairs, the full private basement offers tremendous storage capacity and includes a convenient half bath. Enjoy the ease of a low-maintenance lifestyle with fantastic amenities, including a covered carport. Please note: This is a 50+ age-restricted community. As a stock cooperative, this property requires cash offers only, and all interested buyers must submit an application to the co-op and receive board approval prior to purchase. Don't miss out on this exceptional value!

9. 2026-05-19
   listed $60,000 Active 1052-char remark

   Show marketing remark (1052 chars)

   Welcome to turnkey, maintenance-free living at an unbelievable price point in this quiet Harper Woods community! This charming, move-in-ready independent living stock cooperative offers approximately 850 square feet of beautifully maintained space, perfectly blending comfort and convenience. The layout features two generously sized bedrooms, a full bathroom, and the rare convenience of two private entrances, including a doorwall that opens directly to a private, fully fenced patio featuring beautiful perennials, providing the perfect outdoor retreat for relaxing. Downstairs, the full private basement offers tremendous storage capacity and includes a convenient half bath. Enjoy the ease of a low-maintenance lifestyle with fantastic amenities, including a covered carport. Please note: This is a 50+ age-restricted community. As a stock cooperative, this property requires cash offers only, and all interested buyers must submit an application to the co-op and receive board approval prior to purchase. Don't miss out on this exceptional value!

10. 2001-07-13
    soldstatus $42,000 238-char remark

    Show marketing remark (238 chars)

    Comfy Co-Op ranch w/ private entrance. Greatlocation! Walk-in closet, full private basement & patio w/ privacy fence. Newer roof & centralair. No children or pets. Assoc fee incl'swater, taxes, exterior maint & insurance.

11. 2001-07-02
    historical 238-char remark

    Show marketing remark (238 chars)

    Comfy Co-Op ranch w/ private entrance. Greatlocation! Walk-in closet, full private basement & patio w/ privacy fence. Newer roof & centralair. No children or pets. Assoc fee incl'swater, taxes, exterior maint & insurance.

12. 2001-03-06
    listed $44,000 238-char remark

    Show marketing remark (238 chars)

    Comfy Co-Op ranch w/ private entrance. Greatlocation! Walk-in closet, full private basement & patio w/ privacy fence. Newer roof & centralair. No children or pets. Assoc fee incl'swater, taxes, exterior maint & insurance.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,422
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,394
• − Management: −$1,394
• − HOA: −$4,608
• − Depreciation: −$1,745
• Taxable income: $3,720
• Est. tax owed @ 24.0%: −$893
• After-tax cash flow: $3,287/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Grosse Pointe Public Schools
• NCES district ID: 2625740
• Math proficiency: 56% ▼ -2.00%
• Reading proficiency: 68% ▲ 2.00%
• Median HH income: $89,975
• Composite: 56.51/100
• National rank: #1152
• State rank: #24 of 540 in MI

Livability — Harper Woods

• Score: 73/100
• State rank: #199
• US rank: #5054

Category grades

Amenities F Commute A+ Cost of living A+ Crime F Employment D+ Housing A+ Health & safety D+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harper Woods, MI
• County: Wayne County · 1,562,939 people
• City population: 16,098
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 16,098
• Household income: $61,750
• Rent vs Own: 33.8% rent · 66.2% own
• Severe rent burden: 410.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (65%)
• Race & ethnicity: Black 65% White 28% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Romanian 4% Lithuanian 1% German 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Arabic 2% Spanish 1%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.40%
• Current HPI: 181.4961
• Rent YoY: ▲ 5.10%
• Metro: Detroit-Warren-Dearborn, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

+36.4% since first listed

5 events — show timeline

• 2026-05-19 Listed $60,000 MiRealSource-MiMLS
• 2026-05-19 Listed $60,000 REALCOMP
• 2001-07-13 Sold (MLS) $42,000 MiRealSource-MiMLS
• 2001-07-02 Listing Removed — MiRealSource-MiMLS
• 2001-03-06 Listed $44,000 MiRealSource-MiMLS